Korean Re has never been intimidated by challenges no matter how formidable they may seem. On the contrary, it has been eager to push itself to take on new challenges and move forward. A case in point is its global expansion initiatives. In the face of slowing growth in the domestic market, we set our sights on global markets. Following a series of new overseas presences established over the last few years, we set up a reinsurance intermediary, KoreanRe Insurance Services, in New Jersey in September 2021. The reinsurance intermediary will help Korean Re build stronger brand recognition throughout the U.S. by serving the interests of insurance companies in the world’s biggest insurance market and securing more flexible and creative reinsurance solutions. We will continue to expand our global reach and explore new growth opportunities worldwide.

Driving our business success does not necessarily have to involve major changes. Small changes can build up and combine together to create innovation. Paying attention to client needs is one of the most important drivers that lead us to seek changes and improvements. As evolving regulations and accounting regimes increase demand for non-traditional reinsurance, we believe it is now more important than ever for us to offer innovative solutions that can help reduce the required capital of insurers.

To this end, we set up a task force team dedicated to developing and designing coinsurance solutions for our clients in response to growing demand for effective capital management. Through this dedicated team of experts, we have recently made progress in serving the needs of insurers in Korea. In December 2021, Korean Re entered into a coinsurance agreement with Shinhan Life to help the life insurer manage its assets and liabilities based on economic value and mitigate its financial risks resulting from a mismatch of assets and liabilities.

Korean Re has continued to improve its organizational structure in a way that best leverages its resources. An effectively organized structure provides a business and its employees with the environment and resources they need to perform at their very best every day, contributing to value creation for the organization, its employees, and other stakeholders.

In 2021, we added an organizational unit responsible for environmental, social, and governance (ESG) management. This organizational change has allowed us to take more effective and centralized approaches to ESG initiatives. Our commitment to ESG is based on the values of promoting transparency in corporate governance, protecting the environment, and being a socially responsible member of the communities we work and live in. Upholding this commitment is not just the right thing to do but helps us ensure sustainable business operations and create shared value for society as a whole.